TIA

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0327%/8h= −35.9% APRnext payment −$0.41 per $10,000 · paid last 24h −0.045%

Price spread now: Kraken Futures against Backpack−0.013%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$850.845% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.333%+$33 on $10k

Price spread, last 3 days (all we have)+0.280%+$28 · spread now −0.013%, 7d avg +0.059%

Together, before fees+0.613%+$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Kraken Futures is 0.072% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.059%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.333%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TIA_USDC_PERP	0.4349	0.0100	pay 0.0013% / 1h	5m 33s	$100K	$151K	10x
Short	Kraken Futures PF_TIAUSD	0.4349	−0.0227	pay 0.0028% / 1h	5m 33s	$355K	$242K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee Kraken FuturesbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$68.76
Price spread: −0.013% → +0.059%: −$7.17
Slippage, 4 orders: −$64.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$160.43
Costs to cover: 0.845%
Break-even: never at this rate

Slippage from Backpack: live order book, 12 min ago; Kraken Futures: live order book, 12 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 12 min ago	1.62 bp	14.4 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 12 min ago	14.99 bp	32.6 bp −$33	80.4 bp −$804	doesn't fit	doesn't fit

TIA on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_TIAUSDshort	−0.0227%	1h	0.4349	−0.013%	$355K	$242K	50x
OKX TIA-USDT-SWAP	−0.0148%	4h	0.4351	+0.044%	$2.8M	$5.9M	50x	as long as short
KuCoin TIAUSDTM	−0.0044%	4h	0.4351	+0.044%	$4.2M	$8.6M	50x	as long as short
ApeX Omni TIAUSDT	−0.0020%	1h	0.4335	−0.324%	$49K	$236K	50x	as long as short
Gate TIA_USDT	−0.0018%	4h	0.4354	+0.113%	$999K	$1.8M	75x	as long as short
Deribit TIA_USDC-PERPETUAL	0.0000%	1h	0.4349	−0.002%	$30K	$27K	25x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4350	+0.021%	$1K	—	150x	as long as short
Lighter TIA	+0.0096%	1h	0.4357	+0.179%	$128K	$351K	10x	as long as short
Orderly PERP_TIA_USDC	+0.0097%	4h	0.4348	−0.025%	$5K	$362K	10x	as long as short
Variational Omni TIA	+0.0100%	4h	0.4333	−0.361%	$101K	$84K	—	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TIA	+0.0100%	1h	0.4357	+0.175%	$4.3M	$1.5M	5x	as long as short
Aster TIAUSDT	+0.0100%	4h	0.4349	−0.012%	$35K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4352	+0.072%	$14.5M	$42.0M	75x	as long as short
Bybit TIAUSDT	+0.0100%	4h	0.4353	+0.090%	$9.5M	$13.2M	50x	as long as short
MEXC TIA_USDT	+0.0100%	4h	0.4354	+0.113%	$14.1M	$6.8M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4353	+0.090%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDT	+0.0100%	4h	0.4354	+0.113%	—	$99.0M	—	as long as short
Backpack TIA_USDC_PERPlong	+0.0100%	1h	0.4349	long leg	$100K	$151K	10x
HTX TIA-USDT	+0.0100%	4h	0.4343	−0.140%	$65K	$42K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4352	+0.070%	$57K	$168K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4348	−0.036%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0106%	1h	0.4333	−0.370%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4346	−0.066%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0216%	1h	0.4348	−0.025%	$48K	$73K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4336	−0.301%	$1.1M	$557K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0458% / S −0.3505%	1h	0.4350	+0.019%	$35K	—	100x	as long as short
dYdX TIA-USD	+0.0733%	1h	0.4352	+0.071%	$52K	$59	10x	as long as short